The Mystery of Zero-Leverage Firms
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This paper documents the puzzling evidence that a substantial number of large public non-financial US firms follow a zero-debt policy. Over the 1962-2009 period, on average 10.2% of such firms have zero debt and almost 22% have less than 5% book leverage ratio. Neither industry nor size can account
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美国国家经济研究局创建时间：
2012-03-01
